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Small Business Owners โ€“ Beware Of New
Credit Card Paperwork

A new Internal Revenue Service rule could make life trickier for most businesses that get
paid with credit cards โ€” from online retailers to the local deli.


                                                                              Place logo
                                                                             or logotype
                                                                                here,
                                                                              otherwise
                                                                             delete this.




                                                                                    VIDEO
 LAW OFFICE OF DAVID PARKER                                                         BLOG
 PLLC
๏‚ง Regardless of whether you meticulously keep records for every
  transaction or, more leisurely, conclude deals with an oral
  agreement and a handshake, chances are that paperwork is one
  of the least enjoyable aspects of your small business. If so,
  youโ€™re like most people. Unfortunately, paperwork is
  sometimes a necessity, and a new IRS law creates more of it for
  you if you take payments from customers by credit card.




                                                       Place logo
                                                      or logotype
                                                         here,
                                                       otherwise
                                                      delete this.




                                                           VIDEO
LAW OFFICE OF DAVID PARKER                                 BLOG
PLLC www.parkertrustlaw.com
๏‚ง As the Wall Street Journal reports, beginning this year credit-
  card companies are required to track the dollar amounts that
  merchants receive from credit card transactions. The credit card
  companies report these sums to the IRS and to the on forms
  1099-k. Of course, you are required to report income received
  from credit-card payments; that is nothing new. But with the
  IRS receiving these forms from the credit-card companies, you
  will need to engage in extra diligence to make sure the
  companyโ€™s totals are correct.


                                                        Place logo
                                                       or logotype
                                                          here,
                                                        otherwise
                                                       delete this.




                                                            VIDEO
LAW OFFICE OF DAVID PARKER                                  BLOG
PLLC www.parkertrustlaw.com
๏‚ง This means a new set of accounting procedures that many firms
  may be unaware of, and unprepared to face. For purposes of
  New York asset protection, itโ€™s important to be aware of all
  changes to IRS regulations and to ensure that there are no
  discrepancies between your own business records and those of
  any credit card companies whose cards you accept. An issue
  with the IRS over delinquent taxes can raise problems
  eventually for NY estate planning as well.



                                                      Place logo
                                                     or logotype
                                                        here,
                                                      otherwise
                                                     delete this.




                                                          VIDEO
LAW OFFICE OF DAVID PARKER                                BLOG
PLLC www.parkertrustlaw.com
Law Office of David Parker
  Estate Planning and Elder Law
   ๏‚ง www.parkertrustlaw.com

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New credit card paperwork for small biz owners

  • 1. Small Business Owners โ€“ Beware Of New Credit Card Paperwork A new Internal Revenue Service rule could make life trickier for most businesses that get paid with credit cards โ€” from online retailers to the local deli. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC
  • 2. ๏‚ง Regardless of whether you meticulously keep records for every transaction or, more leisurely, conclude deals with an oral agreement and a handshake, chances are that paperwork is one of the least enjoyable aspects of your small business. If so, youโ€™re like most people. Unfortunately, paperwork is sometimes a necessity, and a new IRS law creates more of it for you if you take payments from customers by credit card. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
  • 3. ๏‚ง As the Wall Street Journal reports, beginning this year credit- card companies are required to track the dollar amounts that merchants receive from credit card transactions. The credit card companies report these sums to the IRS and to the on forms 1099-k. Of course, you are required to report income received from credit-card payments; that is nothing new. But with the IRS receiving these forms from the credit-card companies, you will need to engage in extra diligence to make sure the companyโ€™s totals are correct. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
  • 4. ๏‚ง This means a new set of accounting procedures that many firms may be unaware of, and unprepared to face. For purposes of New York asset protection, itโ€™s important to be aware of all changes to IRS regulations and to ensure that there are no discrepancies between your own business records and those of any credit card companies whose cards you accept. An issue with the IRS over delinquent taxes can raise problems eventually for NY estate planning as well. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
  • 5. Law Office of David Parker Estate Planning and Elder Law ๏‚ง www.parkertrustlaw.com